OREANDA-NEWS. January 14, 2007. Bank of Moscow together with the investment building company "SU-155" set out the implementation of the new program of housing purchase at the stage of construction at a rate of 8.5 per cent per annum, denominated in rubles, notwithstanding the period of loan.

Loans for real estate under construction can be provided for the period of to 30 years. The minimum primary contribution amounts to 10 per cent from the total cost of the purchased real estate. As soon as the construction is completed, the Bank puts in force the rates provided for the purchase of housing at the secondary market.

Alla Tsytovitch, Managing Director of the "Retail business" sector, said: "The offer of the Bank of Moscow’s changes the practice existed at the market of housing financing. As a rule, the rate at a stage of housing building is significantly higher than the loan rate to be applied after the construction completion."

New service provided by the Bank of Moscow corresponds to the expectations of consumers: first of all, nowadays, just the loan rate amount is one of the main criteria to be considered by the borrower while selecting the particular housing financing loan scheme. Moreover, this loan scheme suggests that buying of an apartment purchase in a new building can be more easy to access.

The Bank of Moscow is one of the leaders at the housing financing market as offering to its clients various mortgage programs. The range of Bank’s offered loan products can meet the needs of very demanding clients. Bank was the first to apply the most flexible approach to determining the primary contribution amount for every client, and also the Bank was the first to provide loans for housing construction on security of land plot.